Bank summarized its performance for FY 2010 under RAS

* These results may be subject to change following the subsequent events and the annual audit for FY 2010. The numbers as at January 1, 2010 include the effect of the subsequent events; the numbers as at January 1, 2011 do not include the effect of the subsequent events.

Financial highlights for FY 2010 under RAS

- Net Income for FY 2010 increased by 99.3% to RUB 2.1 billion;

- Net Interest Income for FY 2010 increased by 10.2% compared with FY 2009 and amounted to RUB 12.0 billion;

- Loan portfolio increased by 18.6% to RUB 196.8 billion;

- Overdue loans decreased to 4.1% of the loan portfolio compared to 5.9% peak as at July 1, 2010;

- In 4Q 2010, the provision charge decreased to RUB 621.4 million from RUB 1.9 billion for 3Q 2010.

As at October 1, 2010, Bank Saint Petersburg was ranked 14th in terms of retail deposits and 17th in terms of assets among the Russian banks (Interfax ranking). As at January 1, 2010, the number of cards issued by the Bank exceeded 697 thousand; the Bank’s card network comprised of 468 ATMs. Today, the Bank provides services to more than 1 million individuals and 35 thousand corporates. As at January 1, 2010, Internet-Bank was actively used by 78 thousand clients.

Net Interest Income for FY 2010 improved by 10.2% compared with the FY 2009 result to RUB 12.1 billion. Net Fee and Commission Income for FY 2010 increased by 68.0% compared with FY 2009 and amounted to RUB 1.7 billion. Profit before Tax for FY 2010 amounted to RUB 3.3 million (+84.0% compared to FY 2009). Net Income for FY 2010 amounted to RUB 2.1 billion (+99.3% compared with FY 2009); the increase mainly resulted from the increase in core income and decrease in provisioning.

During FY 2010 Bank’s assets increased by 13.5% to RUB 271.6 billion compared with RUB 239.2 billion as at January 1, 2010.

Liabilities. As at January 1, 2011 customer accounts amounted to RUB 216.6 billion (+16.7% compared with January 1, 2010; +12.9% compared with October 1, 2010). As at January 1, 2011, the corporate customer accounts amounted to RUB 145.3 billion (+14.9% compared with January 1, 2010; +14.8% compared with October 1, 2010). Retail customer accounts amounted to RUB 71.3 billion (+20.6% compared to January 1, 2010; +9.4% compared with October 1, 2010).

As at January 1, 2011, Bank’s total capital calculated under the CBR regulations amounted to RUB 34.5 billion (+1.4% compared with January 1, 2010). As a result the capital adequacy as at January 1, 2011 amounted to 13.2% provided the required regulatory minimum is 10%.

Loan portfolio. The loan portfolio grew by 18.6% to RUB 196.8 billion from RUB 166.0 billion as at January 1, 2010. Corporate loan portfolio grew by 18.4% to RUB 178.6 billion; retail loan portfolio grew by 20.2% to RUB 18.2 billion.Provisions amounted to RUB 19.2 billion (+42.5% compared with January 1, 2010). Provisions to loans ratio decreased to 9.8% compared with the 10.1% peak as at July 1, 2010. In 4Q 2010, the provision charge decreased to RUB 621.4 million from RUB 1.9 billion for 3Q 2010; at the same time the level of the overdue loans decreased: as at January 1, 2011, the share of the overdue loans amounted to 4.13% (4.61% as at January 1, 2010; 5.64% as at April 1, 2010; 5.94% as at July 1, 2010; 4.88% as at October 2010). As a result the level of coverage of the overdue loans by provisions increased to 236.7%.